Portfolio Reinvestment Program (PRP) Notice of Funding Availability
🏛 Department of Housing and Community Development (California)
Can you apply?
This grant is for owners and operators of multifamily rental housing projects in California previously funded through HCD programs. Projects must have at least five units and have regulatory agreements expiring no later than December 31, 2033. The program includes set-asides for small projects (20 units or fewer), foreclosed properties, and residential hotels. Funds support rehabilitation work and short-term operating subsidies, with recipients entering into new 30-year regulatory agreements.
This grant is for owners and operators of multifamily rental housing projects in California previously funded through HCD programs. Projects must have at least five units and have regulatory agreements expiring no later than December 31, 2033. The program includes set-asides for small projects (20 units or fewer), foreclosed properties, and residential hotels. Funds support rehabilitation work and short-term operating subsidies, with recipients entering into new 30-year regulatory agreements.
Program description
The PRP NOFA is restricted to HCD-funded multifamily rental housing projects whose regulatory agreement(s) expire no later than 12/31/33. There is a $10 million small project set aside (for projects of no more than 20 units), a $25 million set aside for projects that have been foreclosed on by HCD or another public lender, and a $25 million set aside for residential hotels. All eligible multifamily rental housing projects must have at least five units. The NOFA provides funds for rehabilitation as well as to capitalize short-term operating subsidies. Projects that receive loans will enter into a new long-term Regulatory Agreement, thereby preserving the project for at least another 30 years.
Who can apply
Eligible applicants
- 501(c)(3) Public Charity
- Affordable Housing Developer
- Individuals
- Nonprofits
- Public Authority
- Small Business (SBA-defined)
- Tribal Nation
Demographic focus
Details
This grant is for owners and operators of multifamily rental housing projects in California previously funded through HCD programs. Projects must have at least five units and have regulatory agreements expiring no later than December 31, 2033. The program includes set-asides for small projects (20 units or fewer), foreclosed properties, and residential hotels. Funds support rehabilitation work and short-term operating subsidies, with recipients entering into new 30-year regulatory agreements.
How to apply
Application links
Program contact
- 📧 rebecca.weber@hcd.ca.gov
- 📞 1-916-890-4562
Funding track record
Past applications & awards under this program (California Grants Portal) — how competitive it is.
By fiscal year
| Fiscal year | Applications | Awarded | Award rate |
|---|---|---|---|
| 2023-2024 | 27 | 11 | 41% |
Source: California Grants Portal
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